State Capital Participation
(PMN) in state-owned enterprises (SOEs) in 2010-2014 fluctuated and tended to
decline. In 2010 the number of PMN in SOEs is as much as IDR 4,038.6 billion,
rises to IDR 8,684.5 billion in 2011, and continued to decline to IDR 7,600.2
billion in 2012 and to IDR 2,000.0 billion in 2013, and rose slightly to IDR
3,000.0 in 2014.
Data from the Ministry of Finance obtained on Monday
(October 6) mentioned that some of the result achieved from PMN allocation to
SOEs are, among others, PT SMI (Sarana Multi Infrastructure), which up to 2012
has received PMN fund amounted to IDR 4.0 trillion. The role of PT SMI in
supporting the programs and policies of the Government in an effort to
accelerate infrastructure development can be reflected in the value of
financing commitments of IDR 4,477.0 trillion, with a total value of projects
financed at IDR 32,227.0 trillion. Thus, the resulting catalyst ratio produced
by the Company calculated based on the project value to funding commitment is
7.2 times.
PT SMI also carried out preparation and arrangement of
pre-feasibility study, exploration of interests of investors, preparation of
tender documents, tender implementation assistance, and supporting the realization
of obtainment of financing for show case projects of the Government in Public
Private Partnership (PPP) scheme, especially the Umbulan drinking water provision
project and Soekarno-Hatta Airport Train which has been implemented since 2011.
Meanwhile, PMN in PT Industri Kapal Indonesia (IKI) in
2012 amounted to IDR 200.0 billion is allocated in the framework of
restructuring and revitalization of strategic state-owned enterprises. PMN
funds have improved the performance of PT IKI which formerly experienced
financial and operational issues, on December 31, 2013 the company recorded a
net profit of IDR 8.6 billion, increase in revenues by 32.0%, and the company’s
equity has become positive.
Related to the assignment to PT Askrindo and Perum
Jamkrindo in order to support the distribution of KUR (People’s Business Credit)
program, which until 2013 reached IDR 9,750 billion, KUR which was successfully
given a guarantee until December 31, 2013 has reached IDR 138.5 trillion with a
number of 10,032,178 debtors with average loans of IDR 13.8 million, and the
level of nonperforming loans (NPLs) at 3.2%
PMN in SOEs is performed in order to increase business
capacity and improve the capital structure of SOEs. PMN is generally allocated
to: (1) support the achievement of Government program in a specific field, such
as PMN in PT Penjaminan Infrastruktur Indonesia (PII), PT Sarana Multi
Infrastruktur (SMI), and PT Sarana Multigriya Financial (SMF); (2) supports the
assignment given by the Government to SOEs (PMN to PT Askrindo and Perum
Jamkrindo); and (3) support the restructuring of SOEs (including PMN in PT
Dirgantara Indonesia, PT PAL Indonesia, and PT Perusahaan Pengelola Aset).
Meanwhile, judging from the form of PMN, not all PMN
allocated by the government in 2010-2014 is in the form of fresh money. Some
PMN in SOEs is allocated in the form of conversion of principal debt of
investment fund account and dividends as non-tax state revenues (PNBP), and
grants of shares from other parties (in-out) in the state budget (APBN). For
example, PMN in PT Askrindo and PT Bahana Pembinaan Usaha Indonesia (BPUI) in
2010 is derived from grant of shares of Bank Indonesia. PMN in the form of
fresh money is mainly intended to support the Government’s policy in a
particular field and support the Government’s policy in a particular field and
support the assignment given by the Government to SOEs.
Business New - October 10, 2014
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